Dismissing the appeal of the Revenue the Court held that the Tribunal had recorded that the transactions had taken place on June 15, 2006 and the assessee had offered the income from March 15, 2006 to March 31, 2006 to tax and the assessee was entitled to depreciation on the windmills for the AY. 2006-07 and to set off the brought forward losses under section 72A(4) of the Income-tax Act, 1961. SLP of Revenue is dismissed. (AY. 2006-07)
CIT v. KBD Sugars and Distilleries Ltd. (2023)454 ITR 800 (SC) Editorial : CIT v. KBD Sugars and Distilleries Ltd (2022) 20 ITR-OL-631 (Kran)(HC) is affirmed.
S. 72A : Carry forward and set off of accumulated loss and unabsorbed depreciation-Amalgamation-Demerger-Sale of windmills-SLP of Revenue is dismissed. [S. (2(19aa), 32, 72A(4)]